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CBN partners with Gluwa blockchain firm to boost eNaira usage.
CBN partners with Gluwa blockchain firm to boost eNaira usage.
The Central Bank of Nigeria (CBN) has recently made a significant move towards boosting the adoption of Nigeria’s digital currency, eNaira, by signing a Memorandum of Understanding (MoU) with blockchain firm Gluwa. This partnership aims to leverage blockchain technology to enhance financial inclusion, improve eNaira functionality, and drive financial innovation in the country.
Gluwa, as the CBN’s official Partner Agent, will integrate its Credal blockchain innovation directly with eNaira, paving the way for deeper collaboration between the two entities. The company’s goal is to onboard millions of Nigerians by utilizing its Credal technology to build credit reputations for eNaira users, thereby promoting the adoption of the Central Bank Digital Currency (CBDC).
One of the key focuses of this partnership is to streamline the loan origination process for local fintech lenders by enabling direct eNaira transfers to customers. This will not only enhance the speed and efficiency of services provided but also establish eNaira as the definitive record for all loan transactions, ensuring accuracy and transparency in financial operations and credit scoring.
Moreover, Gluwa plans to implement a robust authentication mechanism using asymmetric encryption with private/public keys to offer users a secure, private, and regulatory-compliant way of accessing financial services. This move underscores the company’s commitment to promoting financial inclusion and security in Nigeria’s evolving digital landscape.
By becoming an official technology partner of the CBN, Gluwa is taking a significant step towards its mission of building a borderless financial ecosystem that prioritizes emerging markets and fosters greater financial inclusion. This partnership holds great promise for driving the widespread adoption of eNaira and revolutionizing the financial landscape in Nigeria.
In conclusion, the collaboration between the CBN and Gluwa signifies a crucial milestone in the journey towards a more inclusive and innovative financial system in Nigeria. By harnessing the power of blockchain technology and digital currencies, this partnership has the potential to transform the way financial services are accessed and utilized in the country, ultimately benefiting millions of Nigerians and driving economic growth and development.
